LvYue Group Completed Several Hundred Million Dollars in Series A and A+ Financing Led by Tencent, Sequoia China, Baidu Capital and Goldman SachsPR Newswire | Beijing | Updated: 15-11-2019 07:30 IST | Created: 15-11-2019 07:30 IST
On November 15, LvYue Group announced its several hundred million dollars Series A and A+ round financing led by Tencent, Sequoia China, Baidu Capital and Goldman Sachs, co-invested by Ocean Link, CITIC Trust, Oriza and CAISSA Travel. Fanzhuo Capital acted as financial advisor for both rounds.
Strategically invested by Trip.com and led by Mark Zhang who also serves as president of Qunar, LvYue is an internet travel service provider that integrates hotel management, information technology, trading and procurement, applying innovative internet technologies to traditional hotel industry.
With the concept 'every hotel is unique', LvYue created the boutique travel destination hotel brand "Floral" which integrates local culture into living spaces and provides tourists with unique cultural experiences and uniform branded services in top destinations around the globe.
In 2017, LvYue launched its self-developed XPMS hotel management system to provide full scope of services to various hotels, homestays and inns, including channel management, room inventory management, dynamic pricing, automated cash management and settlement, and data visualization to improve operational efficiency. In 2018, XPMS mobile App was launched, the system has been already put into commercial use with remarkable results.
The company's official reservation platform, Floral Travel App was also launched in 2018, with key functions of hotel reservation, travel guides, entertainment recommendations, value-added services and travel notes sharing, etc. and offers various customized services.
From 2016 till now, LvYue has signed and opened more than 1,900 hotels worldwide, in over 10 countries including Japan, South Korea, Thailand and India. By the end of 2019, LvYue's network will exceed 2,600 hotels.
Jay Shen, Head of Investment Department in Trip.com, commented: "As LvYue's strategic investor, we have strong faith in its future development. Trip.com will keep supporting LvYue on providing great travel experience."
Stephanie Hui, a Managing Director and Co-head of Principal Investment Area at Goldman Sachs in Asia Pacific, said: "Goldman Sachs has a positive outlook for both China and global travel destination markets, and will support LvYue to further expand its business throughout China and abroad."
LvYue is a "new species" in traditional hotel industry with more vitality. In future, LvYue will continue to expand in the domestic market while accelerating the pace of globalization, and explore new possibilities driven by its internet big data capabilities.